1. PR.02-04A ALGO (Algorishmic) Analyzing Manufacturing Cost Accounts Fire Rock
ID: 2330245 • Letter: 1
Question
1. PR.02-04A ALGO (Algorishmic) Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer bo incomplete ledger accounts refer to transactions that are summa paddle boards in a wide variety of siees and styes. The folowing azed for June June 1 June 30Purchases Balance Materials 30,400 Dune 30 Requisitions 122,000 Work in Process June 1 June 30 June 30 June 30 Balance (B)|June 30 Completed jobs Materials Direct labor Factory overhead applied Finished Goods June 1 Balance Completed jobs o June 30 Cost of goods sold June 30 Wages Payable Wages incurred 115,000 une 30 Factory Overhead Factory overhead applied 21,700 Dune 30 June 1 June 30 June 30 June 30 Balance Indirect labor Indirect materials Other overhead 16,200 89,800 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in July: Job No. Style Quantity Direct Materials Direct Labor 201 T100 210 202 T200 400 203 T400 230 $21,570 $15,000 25,000 9,000 34,900 15,930 30,940 25,000 14 000Explanation / Answer
1 Job No. Quantity June 1 Work in process Direct Materials Direct Labor Factory Overhead (160% of Direct labor) Total cost Unit cost (Total cost/Quantity) Unit sold Cost of goods sold (Unit cost*Unitsold) 201 210 6000 21570 15000 24000 66570 317 168 53256 202 400 15700 34900 25000 40000 115600 289 320 92480 203 230 15930 9000 14400 39330 171 0 0 204 260 30940 25000 40000 95940 369 218 80442 205 150 17450 14000 22400 53850 359 125 44875 206 130 8970 4000 6400 19370 149 0 0 Total 1380 21700 129760 92000 147200 390660 271053 a. Materials requisitions= $ 129760 b. Work in process beginning balance=$ 21700 c. Direct materials=$ 129760 d. Direct labor= $92000 e. Factory overhead applied=$147200 f. Completed Jobs Job No. Total cost 201 66570 202 115600 204 95940 205 53850 Total 331960 Cost of completed Jobs=$331960 g. Cost of goods sold=$271053 h. Indirect Labor: $ Wages incurred 115000 Less: Direct labor 92000 Indirect labor 23000 Indirect labor=$ 23000 2 Materials: $ Beginning balance 30400 Add: purchases 122000 152400 Less: Material requisitions 129760 Ending balance 22640 Work in process: $ Beginning balance 21700 Add: Direct material 129760 Direct labor 92000 Factory overhead applied 147200 390660 Less: Completed jobs 331960 Ending balance 58700 Finished goods: $ Beginning balance 0 Add: Completed jobs 331960 331960 Less: Cost of goods sold 271053 Ending balance 60907 Factory overhead: $ Beginning balance 21700 Add: Indirect labor 23000 Indirect materials 16200 Other overhead 89800 150700 Less: Factory overhead applied 147200 Ending balance 3500
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